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F&O Highlights

LONG BUILD UP WAS SEEN IN THE NIFTY FUTURES

Create longs with the SL of 24700 levels.

* The market’s excitement over GST 2.0 reforms proved to be short-lived, as the Nifty failed to sustain its morning momentum. After a strong gap-up opening of 265 points, the index immediately faced profit booking at higher levels and reversed the trend, falling 272 points from its intraday high to 24,708. Nifty ultimately ended with a minor gain of 19 points (0.08%) at 24,734.

* Long Build-Up was seen in the Nifty Futures where Open Interest rose by 2.97% with Nifty rising by 0.08%.

* Minor Short Covering was seen in the Bank Nifty Futures where Open Interest fell by 0.10% with Bank Nifty rising by 0.01%.

* Nifty Open Interest Put Call ratio fell to 0.84 levels from 1.21 levels.

* Amongst the Nifty options (09-Sep Expiry), Call writing is seen at 24900-25000 levels, indicating Nifty is likely to find strong resistance in the vicinity of 24900-25000 levels. On the lower side, an immediate support is placed in the vicinity of 24600-24700 levels where we have seen Put writing.

* Short build-up was seen by FII's in the Index Futures segment where they net sold worth 1,073 cr with their Open Interest going up by 6705 contracts.

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